On Wednesday, the EUR/USD currency pair tested the support level formed by the weekly S1 at 1.0994. During today’s morning, the pair was testing the resistance formed by the 55– and 100-hour SMAs circa 1.1015.
If the given resistance holds, a reversal south could occur in the nearest future, and the exchange rate could re-test the given support level.
If the given support holds, the Euro could continue to depreciate against the Greenback in the short term.
Otherwise, it is likely that the currency pair could trade sideways within the following trading session.
